- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) October 15, 1998
------------------
Partners First Receivables Funding, LLC
-------------------------------------------------------------------------
(Exact Name of Registrant as Specified in its Charter)
Partners First Credit Card Master Trust
-------------------------------------------------------------------------
(Issuer with respect to the Securities)
Delaware
-------------------------------------------------------------------------
(State or Other Jurisdiction of Incorporation)
333-29495 and 333-29495-01 52-2072056
--------------------------------- ------------------------------------
(Commission File Numbers) (I.R.S. Employer Identification No.)
410-865-8600
-------------------------------------------------------------------------
(Registrant's Telephone Number, Including Area Code)
Not Applicable
-------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
Index to Exhibits appears at page 4.
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events.
The Registrant is filing final forms of the exhibits listed in Item 7(c)
below.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Document Description
- ----------- --------------------
20 Monthly Servicer's Certificate.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrants have duly caused this report to be signed on their behalf by the
undersigned hereunto duly authorized.
PARTNERS FIRST RECEIVABLES FUNDING, LLC
(Registrant)
Dates: August 17, 1998 By: /s/ Mark J. Norwicz
____________________________________
Name: Mark J. Norwicz
Title: Treasurer
PARTNERS FIRST CREDIT CARD MASTER TRUST
(Co-Registrant)
Dates: August 17, 1998 By: PARTNERS FIRST RECEIVABLES FUNDING, LLC
(Originator of the Co-Registrant)
/s/ Mark J. Norwicz
____________________________________
Name: Mark J. Norwicz
Title: Treasurer
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Document Description
- ----------- --------------------
20 Monthly Servicer's Certificate.
Exhibit 20:
Monthly Servicer's Certificate
<PAGE>
Monthly Trust Activity
A. Trust Level Activity
<TABLE>
<S> <C>
Number of Days in Collection Period 30
Beginning Principal Receivables Balance 1,682,393,379.22
Beginning Special Funding Account Balance 0.00
Beginning Total Principal Balance 1,682,393,379.22
Special Funding Account Earnings 0.00
Finance Charge Collections 24,324,871.90
Interchange Collections 1,517,897.47
Collection Account Investment Proceeds 44,639.76
Recoveries treated as Finance Charge Collections 0.00
Total Finance Charge Receivables Collections 25,887,409.13
Principal Receivables Collections 164,720,510.55
Total Servicing Fee 2,705,656.19
Recoveries treated as Principal Collections 966,118.45
Total Principal Receivables Collections 165,686,629.00
Monthly Payment Rate 11.39%
Defaulted Amount (Net of Recoveries) 11,506,140.85
Annualized Default Rate 8.51%
Trust Portfolio Yield 19.14%
New Principal Receivables 118,341,957.87
Aggregate Account Addition or Removal (Y/N)? N
Date of Addition/Removal n/a
Principal Receivables the day before Addition/Removal n/a
Percentage of the Collection Period which is before the Addition/Removal Date n/a
Ending Principal Receivables Balance 1,623,393,714.96
Ending Special Funding Account (SFA) Balance 0.00
Ending Principal Receivables + SFA Balance 1,623,393,714.96
Required Minimum Principal Balance 1,500,000,000.00
</TABLE>
B. Series Allocations
<TABLE>
<CAPTION>
Total 1998-2 1998-3
<S> <C> <C> <C>
Group 1 1
Class A Invested Amount 528,000,000.00 528,000,000.00
Class B Invested Amount 113,000,000.00 113,000,000.00
Collateral Invested Amount 67,000,000.00 67,000,000.00
Class D Invested Amount 42,000,000.00 42,000,000.00
Total Invested Amount 1,500,000,000.00 750,000,000.00 750,000,000.00
Required Transferor Amount 105,000,000.00 52,500,000.00 52,500,000.00
Invested Amount + Req Transf Amount 1,605,000,000.00 802,500,000.00 802,500,000.00
Series Allocation Percentage 100.00% 50.00% 50.00%
Series Allocable Finance Charge Collections 12,943,704.57 12,943,704.57
Series Allocable Principal Collections 82,843,314.50 82,843,314.50
Series Allocable Defaulted Amounts 5,753,070.43 5,753,070.43
Series Allocable Servicing Fee 1,352,828.10 1,352,828.10
In Revolving Period? Y Y
Available for Shared Principal Collections 0.00 0.00
</TABLE>
<PAGE>
Monthly Trust Activity
B. Series Allocations
<TABLE>
<CAPTION>
Amounts Due 1998-2 1998-3
<S> <C> <C>
Principal Allocation Percentage 92.40% 92.40%
Floating Allocation Percentage 92.40% 92.40%
Class A Certificate Rate 5.690% 5.720%
Class B Certificate Rate 5.900% 5.950%
CIA Certificate Rate 6.465% 6.565%
Class D Certificate Rate 0.000% 0.000%
Class A Interest 2,503,529.60 2,516,729.60
Class B Interest 555,568.27 560,276.60
Collateral Monthly Interest 360,953.57 366,536.90
Class D Interest 0.00 0.00
Investor Monthly Interest 3,420,051.43 3,443,543.10
Investor Default Amount (Net of Recoveries) 5,315,781.11 5,315,781.11
Interchange Collections 701,261.25 701,261.25
Servicer Interchange 468,750.00 468,750.00
Monthly Servicing Fee (Before Adjustments) 1,250,000.00 1,250,000.00
Interchange Adjustment 0.00 0.00
SFA Adjustment 0.00 0.00
Monthly Servicing Fee (After Adjustments) 1,250,000.00 1,250,000.00
</TABLE>
C. Group 1 Allocations
<TABLE>
<CAPTION>
Total 1998-2 1998-3
<S> <C> <C> <C>
Adjusted Invested Amount for Series 1,500,000,000.00 750,000,000.00 750,000,000.00
Principal Collections 153,092,833.37 76,546,416.68 76,546,416.68
Finance Charge Collections 23,919,714.20 11,959,857.10 11,959,857.10
Investor Monthly Interest 6,863,594.53 3,420,051.43 3,443,543.10
Investor Default Amount 10,631,562.21 5,315,781.11 5,315,781.11
Monthly Servicing Fee 2,500,000.00 1,250,000.00 1,250,000.00
Total Amount Due 19,995,156.75 9,985,832.54 10,009,324.21
Excess Before Reallocation 3,924,557.46 1,974,024.56 1,950,532.89
Reallocation of Finance Charge Collections -11,745.83 11,745.83
Reallocated Finance Charge Collections 23,919,714.20 11,948,111.27 11,971,602.93
</TABLE>
<TABLE>
D. Trust Performance
<S> <C>
30-59 Days Delinquent 20,350,814.51
60-89 Days Delinquent 12,536,459.34
90+ Days Delinquent 28,067,281.71
Total 30+ Days Delinquent 60,954,555.56
</TABLE>
<PAGE>
Series 1998-2
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
<TABLE>
<S> <C> <C> <C> <C>
Last Payment Date 15-Sep-98
Current Payment Date 15-Oct-98
Actual / 360 Days 30 30 30 30
30 / 360 Days 30 30 30 30
Fixed / Floating Floating Floating Floating Floating
</TABLE>
<TABLE>
<CAPTION>
Collateral
Invested
Class A Class B Amount Class D Total
<S> <C> <C> <C> <C> <C>
Certificate Rate 5.690% 5.900% 6.465% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Required Transferor Amount 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 53,888,677.35 11,532,993.45 6,838,146.56 4,286,599.33 76,546,416.68
Realloc Finance Charge Collections 8,411,470.33 1,800,182.10 1,067,364.61 669,094.23 11,948,111.27
YSA Draw 1,250,000.00
YSA Investment Proceeds 43,778.08
Realloc Finance Charge plus YSA Draw 9,322,290.10 1,995,111.33 1,182,942.12 741,545.80 13,241,889.35
Monthly Interest 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43
Investor Default Amount (Net) 3,742,309.90 800,911.02 474,876.45 297,683.74 5,315,781.11
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,125,839.50 1,544,812.62 947,496.68 367,683.74 9,985,832.54
</TABLE>
<TABLE>
<S> <C>
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 13,241,889.35
Series Adjusted Portfolio Yield 12.68%
Base Rate 7.47%
</TABLE>
<PAGE>
Series 1998-2
<TABLE>
<S> <C>
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12.00
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Controlled Deposit Amount 53,416,666.67
Ending Controlled Deposit Amount Shortfall 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 0.00
Ending Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 8,750,000.00
Yield Supplement Account Release 1,250,000.00
Yield Supplement Account Ending Balance 7,500,000.00
Reserve Account Beginning Balance 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
</TABLE>
C. Certificate Balances and Distrubutions
<TABLE>
<CAPTION>
Class A Class B CIA Class D Total
<S> <C> <C> <C> <C> <C>
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,503,529.60 555,568.27 360,953.57 0.00 3,420,051.43
Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per $1,000 4.7415 4.9165 5.3874 0.0000
Interest Distribution Per $1,000 4.7415 4.9165 5.3874 0.0000
Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
</TABLE>
<PAGE>
Series 1998-2
D. Information regarding distributions on the Distribution Date in respect of
the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,503,529.60
2 Amount of the distribution in respect of Class A 2,503,529.60
Monthly Interest:
3 Amount of the distribution in respect of Class A 0.00
Outstanding Monthly Interest:
4 Amount of the distribution in respect of Class A 0.00
Additional Interest:
5 Amount of the distribution in respect of Class A 0.00
Principal:
E. Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs on such Distribution Date.
1 Total amount of Class A Investor Charge-Offs: 0.00
2 Amount of Class A Investor Charge-Offs 0.00
per $1,000 original certificate principal amount:
3 Total amount reimbursed in respect of Class A Investor 0.00
Charge-Offs:
4 Amount reimbursed in respect of Class A Investor Charge-Offs 0.00
per $1,000 original certificate principal amount:
5 The amount, if any, by which the outstanding principal 0.00
balance of the Class A Certificate exceeds the Class A Invested
Amount after giving effect to all transactions on such
Distribution Date:
F. Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
1 The total amount of the distribution: 555,568.27
2 Amount of the distribution in respect of Class B monthly 555,568.27
interest:
3 Amount of the distribution in respect of Class B 0.00
outstanding monthly interest:
4 Amount of the distribution in respect of Class B additional 0.00
interest:
5 Amount of the distribution in respect of Class B principal: 0.00
G. Amount of reductions in Class B Invested Amount on such Distribution Date.
1 The amount of reductions in Class B Invested Amount 0.00
2 The amount of reductions in the Class B Invested Amount set 0.00
forth in paragraph 1 above, per $1,000 original certificate
principal amount:
3 The total amount reimbursed in respect of such reductions 0.00
in the Class B Invested Amount:
4 The total amount set forth in paragraph 3 above, per $1,000 0.00
original certificate principal amount:
5 The amount, if any, by which the outstanding principal balance 0.00
of the Class B Certificates exceeds the Class B Invested Amount
after giving effect to all transactions on such Distribution Date:
<PAGE>
Series 1998-2
H. Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest 360,953.57
Holder:
2 Amount distributed in respect of Collateral Monthly 360,953.57
Interest:
3 Amount distributed in respect of Collateral Additional 0.00
Interest:
4 The amount distributed to the Collateral Interest Holder in 0.00
respect of principal on the Collateral Invested Amount:
I. Amount of reductions in Collateral Invested Amount.
1 The amount of reductions in the Collateral Invested Amount. 0.00
2 The total amount reimbursed in respect of such reductions in 0.00
the Collateral Invested Amount
J. Application of Reallocated Investor Finance Charge Collections.
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Allocated Class A Available Funds 9,322,290.10
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 9,322,290.10
2 Class A Available Funds 9,322,290.10
a Class A Monthly Interest 2,503,529.60 2,503,529.60 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 3,742,309.90 3,742,309.90 0.00
d Class A Excess 2,196,450.60
2 Class B Available Funds 1,995,111.33
a Class B Monthly Interest 555,568.27 555,568.27 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 1,251,209.73
3 Collateral Available Funds 1,182,942.12
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 1,071,275.45
4 Class D Available Funds
a Class D Available Funds 741,545.80
b Class D Servicing Fee 70,000.00 70,000.00 0.00
c Class D Excess 671,545.80
5 Total Excess Spread 5,190,481.58
</TABLE>
<PAGE>
Series 1998-2
K. Application of Excess Spread and Excess Finance Charge Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Available Excess Spread 5,190,481.58
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 5,190,481.58
2 Class A Required Amount Shortfalls 0.00 0.00 0.00
3 Class B Defaults 800,911.02 800,911.02 0.00
4 Monthly Servicing Fee 0.00 0.00 0.00
5 Collateral Monthly Interest 360,953.57 360,953.57 0.00
6 Collateral Default Amount 474,876.45 474,876.45 0.00
7 Reserve Account Deposit 0.00 0.00 0.00
9 Class D Monthly Interest 0.00 0.00 0.00
10 Class D Default Amount 297,683.74 297,683.74 0.00
8 Other CIA Amounts Owed 0.00 0.00 0.00
11 Excess Fin Coll for Other Series 0.00 0.00 0.00
12 Excess Spread 3,256,056.81
13 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
</TABLE>
L. Reallocated Principal Collections
3 Total Principal Collections Allocable 76,546,416.68
4 Principal Required to Fund the Required Amount 0.00
5 Shared Principal Collections from other Series 0.00
6 Other Amounts Treated as Principal Collections 5,315,781.11
7 Available Principal Collections 81,862,197.79
M. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 81,862,197.79
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 81,862,197.79
<PAGE>
Series 1998-2
N. Application of Principal Collections during the Accumulation Period
<TABLE>
<S> <C>
1 Available Principal Collections 81,862,197.79
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested Amount 113,000,000.00
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
5 Shared Principal Collections 0.00
</TABLE>
<PAGE>
Series 1998-2
N. Application of Principal Collections during Early Amortization Period
<TABLE>
<S> <C>
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested Amount 528,000,000.00
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested Amount 113,000,000.00
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted Invested Amount 113,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end of the Period 67,000,000.00
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
</TABLE>
O. Yield and Base Rate
<TABLE>
<S> <C> <C>
1 Base Rate
a Current Monthly Period 7.47%
b Prior Monthly Period 7.52%
c Second Prior Monthly Period 7.53%
Three Month Average Base Rate 7.51%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 12.68%
b Prior Monthly Period 11.90%
c Second Prior Monthly Period 15.22%
Three Month Average Series Adjusted Portfolio Yield 13.27%
3 Excess Spread
a Current Monthly Period 5.21%
b Prior Monthly Period 4.38%
c Second Prior Monthly Period 7.69%
Three Month Average Excess Spread 5.76%
</TABLE>
<PAGE>
Series 1998-3
A. Investor/Transferor Allocations
B. Monthly Funding Requirements
<TABLE>
<S> <C> <C> <C> <C>
Last Payment Date 15-Sep-98
Current Payment Date 15-Oct-98
Actual / 360 Days 30 30 30 30
30 / 360 Days 30 30 30 30
Fixed / Floating Floating Floating Floating Floating
</TABLE>
<TABLE>
<CAPTION>
Collateral
Invested
Class A Class B Amount Class D Total
<S> <C> <C> <C> <C> <C>
Certificate Rate 5.720% 5.950% 6.565% 0.000%
Initial Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Required Transferor Amount 52,500,000.00
Total Initial Amount 802,500,000.00
Beginning Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Outstanding Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Beginning Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Ending Adjusted Invested Amount 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Principal Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Floating Allocation Percentage 70.40% 15.07% 8.93% 5.60% 100.00%
Principal Collections 53,888,677.35 11,532,993.45 6,838,146.56 4,286,599.33 76,546,416.68
Realloc Finance Charge Collections 8,428,008.47 1,803,721.51 1,069,463.20 670,409.76 11,971,602.93
YSA Draw 1,250,000.00
YSA Investment Proceeds 43,778.08
Realloc Finance Charge plus YSA Draw 9,338,828.23 1,998,650.74 1,185,040.70 742,861.34 13,265,381.01
Monthly Interest 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10
Investor Default Amount (Net) 3,742,309.90 800,911.02 474,876.45 297,683.74 5,315,781.11
Monthly Servicing Fee 880,000.00 188,333.33 111,666.67 70,000.00 1,250,000.00
Total Due 7,139,039.50 1,549,520.95 953,080.01 367,683.74 10,009,324.21
</TABLE>
<TABLE>
<S> <C>
Reallocated Investor Fin Charge Coll + YSA Draw + PFA Inv Proceeds + Reserve Fund Releases 13,265,381.01
Series Adjusted Portfolio Yield 12.72%
Base Rate 7.51%
</TABLE>
<PAGE>
Series 1998-3
<TABLE>
<S> <C>
Series Parameters
Revolving Period (Y/N) Y
Accumulation Period (Y/N) N
Early Amortization (Y/N) N
Controlled Accumulation Period 12.00
Holdings is Servicer Y
Paydown Excess CIA (Y/N) Y
Paydown Excess Class D (Y/N) Y
Controlled Accumulation Amount 53,416,666.67
Controlled Deposit Amount 53,416,666.67
Ending Controlled Deposit Amount Shortfalll 0.00
Funding Accounts
Beginning Principal Funding Account Balance 0.00
Principal Funding Account Deposit 0.00
Ending Principal Funding Account Balance 0.00
Principal Funding Investment Proceeds 0.00
Yield Supplement Account Beginning Balance 8,750,000.00
Yield Supplement Account Release 1,250,000.00
Yield Supplement Account Ending Balance 7,500,000.00
Reserve Account Beginning Balance 0.00
Required Reserve Account Amount 0.00
Funds Deposited into Reserve Account 0.00
Ending Reserve Account Balance 0.00
</TABLE>
C. Certificate Balances and Distrubutions
<TABLE>
<CAPTION>
Class A Class B CIA Class D Total
<S> <C> <C> <C> <C> <C>
Beginning Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Interest Distributions 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10
PFA Deposits 0.00 0.00
Principal Distributions 0.00 0.00 0.00 0.00 0.00
Total Distributions 2,516,729.60 560,276.60 366,536.90 0.00 3,443,543.10
Ending Certificate Balance 528,000,000.00 113,000,000.00 67,000,000.00 42,000,000.00 750,000,000.00
Pool Factor 100.00% 100.00% 100.00% 100.00%
Total Distribution Per $1,000 4.7665 4.9582 5.4707 0.0000
Interest Distribution Per $1,000 4.7665 4.9582 5.4707 0.0000
Principal Distribution Per $1,000 0.0000 0.0000 0.0000 0.0000
</TABLE>
<PAGE>
Series 1998-3
D. Information regarding distributions on the Distribution Date in respect of
the Class A Certificates per $1,000 original certificate principal amount:
1 Total amount of the distribution: 2,516,729.60
2 Amount of the distribution in respect of Class A 2,516,729.60
Monthly Interest:
3 Amount of the distribution in respect of Class A 0.00
Outstanding Monthly Interest:
4 Amount of the distribution in respect of Class A 0.00
Additional Interest:
5 Amount of the distribution in respect of Class A 0.00
Principal:
E. Class A Investor Charge-Offs and Reimbursement of Class A Investor
Charge-Offs on such Distribution Date.
1 Total amount of Class A Investor Charge-Offs: 0.00
2 Amount of Class A Investor Charge-Offs 0.00
per $1,000 original certificate principal amount:
3 Total amount reimbursed in respect of Class A Investor 0.00
Charge-Offs:
4 Amount reimbursed in respect of Class A Investor Charge-Offs 0.00
per $1,000 original certificate principal amount:
5 The amount, if any, by which the outstanding principal 0.00
balance of the Class A Certificate exceeds the Class A Invested
Amount after giving effect to all transactions on such
Distribution Date:
F. Information regarding distributions in respect of the Class B Certificates,
per $1,000 original certificate principal amount.
1 The total amount of the distribution: 560,276.60
2 Amount of the distribution in respect of Class B monthly 560,276.60
interest:
3 Amount of the distribution in respect of Class B outstanding 0.00
monthly interest:
4 Amount of the distribution in respect of Class B additional 0.00
interest:
5 Amount of the distribution in respect of Class B principal: 0.00
G. Amount of reductions in Class B Invested Amount on such Distribution Date.
1 The amount of reductions in Class B Invested Amount 0.00
2 The amount of reductions in the Class B Invested Amount set 0.00
forth in paragraph 1 above, per $1,000 original certificate
principal amount:
3 The total amount reimbursed in respect of such reductions 0.00
in the Class B Invested Amount:
4 The total amount set forth in paragraph 3 above, per $1,000 0.00
original certificate principal amount:
5 The amount, if any, by which the outstanding principal balance 0.00
of the Class B Certificates exceeds the Class B Invested Amount
after giving effect to all transactions on such Distribution Date:
<PAGE>
Series 1998-3
H. Information regarding distributions on the Distribution Date to the
Collateral Interest Holder.
1 Total amount distributed to the Collateral Interest 366,536.90
Holder:
2 Amount distributed in respect of Collateral Monthly 366,536.90
Interest:
3 Amount distributed in respect of Collateral Additional 0.00
Interest:
4 The amount distributed to the Collateral Interest Holder in 0.00
respect of principal on the Collateral Invested Amount:
I. Amount of reductions in Collateral Invested Amount.
1 The amount of reductions in the Collateral Invested Amount. 0.00
2 The total amount reimbursed in respect of such reductions in 0.00
the Collateral Invested Amount
J. Application of Reallocated Investor Finance Charge Collections.
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Allocated Class A Available Funds 9,338,828.23
a Reserve Account Release 0.00
b PFA Investment Earnings 0.00
c Class A Available Funds 9,338,828.23
2 Class A Available Funds 9,338,828.23
a Class A Monthly Interest 2,516,729.60 2,516,729.60 0.00
b Class A Servicing Fee 880,000.00 880,000.00 0.00
c Class A Investor Default Amount 3,742,309.90 3,742,309.90 0.00
d Class A Excess 2,199,788.74
2 Class B Available Funds 1,998,650.74
a Class B Monthly Interest 560,276.60 560,276.60 0.00
b Class B Servicing Fee 188,333.33 188,333.33 0.00
c Class B Excess 1,250,040.81
3 Collateral Available Funds 1,185,040.70
a Collateral Servicing Fee 111,666.67 111,666.67 0.00
b Collateral Excess 1,073,374.04
4 Class D Available Funds
a Class D Available Funds 742,861.34
b Class D Servicing Fee 70,000.00 70,000.00 0.00
c Class D Excess 672,861.34
5 Total Excess Spread 5,196,064.92
</TABLE>
<PAGE>
Series 1998-3
K. Application of Excess Spread and Excess Finance Charge Collections
<TABLE>
<CAPTION>
Available Due Paid Shortfall
<S> <C> <C> <C> <C>
1 Available Excess Spread 5,196,064.92
2 Excess Fin Charge Coll 0.00
from Other Series
3 Available Funds 5,196,064.92
2 Class A Required Amount Shortfalls 0.00 0.00 0.00
3 Class B Defaults 800,911.02 800,911.02 0.00
4 Monthly Servicing Fee 0.00 0.00 0.00
5 Collateral Monthly Interest 366,536.90 366,536.90 0.00
6 Collateral Default Amount 474,876.45 474,876.45 0.00
7 Reserve Account Deposit 0.00 0.00 0.00
9 Class D Monthly Interest 0.00 0.00 0.00
10 Class D Default Amount 297,683.74 297,683.74 0.00
8 Other CIA Amounts Owed 0.00 0.00 0.00
11 Excess Fin Coll for Other Series 0.00 0.00 0.00
12 Excess Spread 3,256,056.81
13 Writedowns
a Class A 0.00
b Class B 0.00
c CIA 0.00
d Class D 0.00
</TABLE>
L. Reallocated Principal Collections
3 Total Principal Collections Allocable 76,546,416.68
4 Principal Required to Fund the Required Amount 0.00
5 Shared Principal Collections from other Series 0.00
6 Other Amounts Treated as Principal Collections 5,315,781.11
7 Available Principal Collections 81,862,197.79
M. Application of Principal Collections during Revolving Period
1 Collateral Invested Amount 67,000,000.00
2 Required Collateral Invested Amount 67,000,000.00
3 Amount used to pay Excess CIA 0.00
4 Available Principal Collections 81,862,197.79
5 Class D 42,000,000.00
6 Required Class D 42,000,000.00
7 Amount used to pay Excess Class D 0.00
8 Available Principal Collections 81,862,197.79
<PAGE>
Series 1998-3
N. Application of Principal Collections during the Accumulation Period
1 Available Principal Collections 81,862,197.79
a Controlled Deposit Amount 0.00
b Minimum of Avail Prin Coll and CDA 0.00
c Controlled Deposit Amount Shortfall 0.00
d Amount Deposited in PFA for Class A 0.00
e Draw from PFA to pay Class A Principal 0.00
f Class A Adjusted Invested Amount 528,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining PFA Balance 0.00
b Beginning Class B Outstanding Amount 113,000,000.00
c Beginning Class B Adjusted Invested 113,000,000.00
Amount
d Amount Deposited in PFA for Class B 0.00
e Draw from PFA to pay Class B Principal 0.00
f Class B Adjusted Invested Amount 113,000,000.00
2 Remaining Principal Collections Available 0.00
a Remaining CIA Amount 67,000,000.00
b Principal Paid to CIA 0.00
c CIA at the end of the Period 67,000,000.00
3 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
Class A Principal Paid to Investors 0.00
Ending Class A Outstanding Amount 528,000,000.00
Ending Class B Outstanding Amount 113,000,000.00
4 Shared Principal Collections 0.00
<PAGE>
Series 1998-3
N. Application of Principal Collections during Early Amortization Period
1 Principal Collections Available 0.00
a Remaining Class A Adjusted Invested 528,000,000.00
Amount
b Principal Paid to Class A 0.00
c End of Period Class A Adjusted 528,000,000.00
Invested Amount
2 Remaining Principal Collections Available 0.00
a Remaining Class B Adjusted Invested 113,000,000.00
Amount
b Principal Paid to Class B 0.00
c End of Period Class B Adjusted 113,000,000.00
Invested Amount
3 Remaining Principal Collections Available 0.00
a Remaining Collateral Invested Amount 67,000,000.00
b Principal Paid to CIA 0.00
c Collateral Invested Amount at the end 67,000,000.00
of the Period
4 Remaining Principal Collections Available 0.00
a Remaining Class D Amount 42,000,000.00
b Principal Paid to Class D 0.00
c Class D at the end of the Period 42,000,000.00
O. Yield and Base Rate
1 Base Rate
a Current Monthly Period 7.51%
b Prior Monthly Period 7.56%
c Second Prior Monthly Period 7.57%
Three Month Average Base Rate 7.55%
2 Series Adjusted Portfolio Yield
a Current Monthly Period 12.72%
b Prior Monthly Period 11.94%
c Second Prior Monthly Period 15.29%
Three Month Average Series Adjusted Portfolio Yield 13.32%
3 Excess Spread
a Current Monthly Period 5.21%
b Prior Monthly Period 4.38%
c Second Prior Monthly Period 7.72%
Three Month Average Excess Spread 5.77%
